Press Releases

January 20, 2010

Contact: Eric Amig - (212) 441-6807
Brian Finnegan - (212) 441-6877

FHLBNY Awards $16.2 Million for 37 Affordable Housing Initiatives

The combined projects will create or rehabilitate more than 1,900 affordable housing units throughout New Jersey, New York, Maryland and Pennsylvania.

New York, NY — Alfred A. DelliBovi, President and CEO of the Federal Home Loan Bank of New York, announced that the Bank has awarded $16.2 million in subsidies to fund 37 affordable housing initiatives throughout New Jersey, New York, Maryland and Pennsylvania. These awards, which are funded through the Bank’s Affordable Housing Program (“AHP”), will result in the creation or rehabilitation of 1,901 affordable housing units and drive community development. It is anticipated that $372 million in development costs will be generated from development of these initiatives.

“For the past two decades, the Affordable Housing Program has been one of the nation’s most successful housing initiatives because of the partnership between the Home Loan Bank, our members, community organizations and elected officials,” Mr. DelliBovi said. “As we celebrate the start of a new decade, we look forward to continuing this partnership and helping to build stronger communities across our region for years to come.”

In 2009, the Federal Home Loan Banks marked the 20th anniversary of the Affordable Housing Program (“AHP”), which was created by Congress in 1989. Since the Program’s inception, the Federal Home Loan Banks have provided more than $3.6 billion to facilitate more than 15,000 affordable housing projects across the nation. These grants have created nearly 670,000 units of affordable housing. At the Federal Home Loan Bank of New York, the AHP has supported nearly 1,200 projects with grants totaling more than $330 million, creating more than 48,000 units of affordable housing and generating nearly $6 billion in total development costs.

The $16.2 million awarded today are funds drawn from the Bank’s earnings. As mandated by Congress, the Bank forgoes 10% of its earnings to support these neighborhood housing and economic development initiatives. For more information on these grants, please click here.

The Federal Home Loan Bank of New York’s AHP provides member lenders with direct subsidies which are passed on to income qualified households through sponsoring local nonprofit organizations.  AHP financing is combined with other funding sources to create housing for moderate-, low- and very low-income families.  Program awardees receive this funding through a competitive application process.  Each competing project must be sponsored by a financial organization that is a member of the Bank in partnership with a community-based sponsoring organization. 

The following New Jersey communities will benefit from the funds awarded today:  Delanco, Elizabeth, Galloway Township, Jersey City, Long Branch, Newark, Northvale, Paterson and scattered sites throughout the State.

The following New York communities will benefit from the funds awarded today:  Brewerton, the Bronx, Brooklyn, Buffalo, Chester, Cohoes, Fresh Meadows, Greenburgh, Haverstraw, Holley, Ithaca, Jamaica, Ogden, Orchard Park, Rochester, Seneca Falls, Troy, Williamsville and scattered sites throughout Chautauqua County.

The communities of North East, Maryland, and Philadelphia, Pennsylvania will also benefit from the funds awarded today.

The Federal Home Loan Bank of New York is a Congressionally chartered, wholesale Bank.  It is part of the Federal Home Loan Bank System, a national wholesale banking network of 12 regional, stockholder-owned banks.  The FHLB of New York currently serves over 330 financial institutions in New Jersey, New York, Puerto Rico, and the U.S. Virgin Islands.  The mission of the Federal Home Loan Banks is to support the efforts of local members to help provide financing for America’s homebuyers.

View the AHP awardees

About the Federal Home Loan Bank of New York
The Federal Home Loan Bank of New York is a Congressionally chartered, wholesale Bank. It is part of the Federal Home Loan Bank System, a national wholesale banking network of 11 regional, stockholder-owned banks. As of March 31, 2018, the FHLB of New York serves 325 financial institutions in New Jersey, New York, Puerto Rico, and the U.S. Virgin Islands. The Federal Home Loan Banks support the efforts of local members to help provide financing for America’s homebuyers.


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Safe Harbor Statement Under the Private Securities Litigation Reform Act of 1995
This report may contain forward-looking statements within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. These statements are based upon our current expectations and speak only as of the date hereof. These statements may use forward-looking terms, such as "projected," "expects," "may," or their negatives or other variations on these terms. The Bank cautions that, by their nature, forward-looking statements involve risk or uncertainty and that actual results could differ materially from those expressed or implied in these forward-looking statements or could affect the extent to which a particular objective, projection, estimate, or prediction is realized. These forward-looking statements involve risks and uncertainties including, but not limited to, regulatory and accounting rule adjustments or requirements, changes in interest rates, changes in projected business volumes, changes in prepayment speeds on mortgage assets, the cost of our funding, changes in our membership profile, the withdrawal of one or more large members, competitive pressures, shifts in demand for our products, and general economic conditions. We undertake no obligation to revise or update publicly any forward-looking statements for any reason.

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